v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES:    
NET INCOME $ 1,426 $ 430
Reconciliation of net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 848 469
Amortization of deferred debt issuance costs 25 20
Loss on disposal of assets and impairment charges 12 4
Loss on extinguishment of debt 2 31
Other non-cash, net (25) 28
Non-cash unit-based compensation expense 20 14
Deferred income tax expense (benefit) (22) 2
Inventory valuation adjustments (445) (31)
Loss on foreign currency exchange 94 0
Equity in earnings of unconsolidated affiliates (120) (103)
Distributions from unconsolidated affiliates 120 156
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures 316 (220)
Net cash provided by operating activities 2,251 800
INVESTING ACTIVITIES:    
Capital expenditures (579) (418)
Contributions to unconsolidated affiliates (40) (57)
Distributions from unconsolidated affiliates in excess of cumulative earnings 55 59
Other 0 11
Net cash used in investing activities (920) (594)
FINANCING ACTIVITIES:    
Senior notes borrowings 1,200 2,900
Loan origination costs (15) (36)
Cash distributions to common unitholders, including incentive distributions (611) (488)
Cash distributions to Class D unitholders (151) 0
Payments of Ordinary Dividends, Preferred Stock and Preference Stock (118) 0
Net cash (used in) provided by financing activities (1,462) 2,939
Cash and cash equivalents, beginning of period 891 94
Cash and cash equivalents, end of period 760 3,239
Net change in cash and cash equivalents (131) 3,145
Noncash Investing and Financing Items [Abstract]    
Proceeds from Issuance of Preferred Limited Partners Units 0 1,473
Senior Notes    
FINANCING ACTIVITIES:    
Senior notes repayments (1,878) (632)
GoZone Bonds    
FINANCING ACTIVITIES:    
Senior notes repayments 0 (75)
Credit Facility    
FINANCING ACTIVITIES:    
Credit Facility borrowings 2,917 2,081
Credit Facility repayments (2,806) (2,284)
Tanquid Acquisition    
INVESTING ACTIVITIES:    
Cash paid for other acquisitions (194) 0
Delta Acquisition    
INVESTING ACTIVITIES:    
Cash paid for other acquisitions (75) 0
Other Acquisitions    
INVESTING ACTIVITIES:    
Cash paid for other acquisitions $ (87) $ (189)